Our conveyancer has identified a defect with the lease for the flat we are buying in Ogmore Vale. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I had intended to instruct a property lawyer in Ogmore Vale for our home move. Our broker informed us that our mortgage company Santander won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Ogmore Vale conveyancing firms would have been on most bank panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms regarding their operations and their employees and establishing certain criteria such a completing on a minimum number of conveyancing. Many Ogmore Vale conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Ogmore Vale is amongst the hundreds of locations where the solicitors we recommend are members of the panel for Santander.
This question may be naive but I am new to the process as a 1st time buyer of a two bedroom flat in Ogmore Vale. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Ogmore Vale?
On the day of completion you will not be required to go to the conveyancers office in Ogmore Vale. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
My wife and I buying a victorian detached house in Ogmore Vale. We would like to convert the garage to an office at the house.Will the conveyancing process involve checks to see if these works are permitted?
Your conveyancer will check the deeds as conveyancing in Ogmore Vale will occasionally identify restrictions in the title documents which restrict certain works or need the consent of another owner. Some additions call for local authority planning permissions and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
Barclays have agreed my home loan in principle, my offer on a house in Ogmore Vale has been agreed to, now what?
Your property agent will want to know who your solicitors are (be sure the conveyancers are on the bank’s panel). Contact Barclays or your broker and finish off any outstanding paperwork. Barclays will instruct a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Barclays will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ogmore Vale.
Due to the guidance of my in-laws I had a survey completed on a property in Ogmore Vale ahead of instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ogmore Vale. Conveyancing will be smoother if you use a solicitor in Ogmore Vale especially if they are accustomed to such properties in Ogmore Vale.
My father has suggested that I appoint his conveyancers in Ogmore Vale. Should I find my own conveyancer?
Much as we are happy to recommend a Ogmore Vale conveyancing lawyer the ideal way to find a conveyancing solicitor is to get guidance from friends or relatives who have actually experience in using the solicitor you're contemplating using.
I am in need of some leasehold conveyancing in Ogmore Vale. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Ogmore Vale - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a leasehold flat in Ogmore Vale, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ogmore Vale with an extended lease are worth £192,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2079
With 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.